SoftBank’s big investment in Uber comes to a close

It looks like SoftBank’s long-anticipated investment in Uber is almost done.

According to a report from The Wall Street Journal, a SoftBank-led group has almost finalized a deal to own close to 15% of the company. The transaction could be completed as soon as noon today, Pacific time.

The shares purchased from existing shareholders will value the company at approximately $48 billion, a significant discount to the roughly $69 billion that company was valued at in its last private round. As part of the deal, the group will also be investing $1 billion directly in Uber at the $69 billion value.

Shareholders including employees and early investors like Benchmark Capital and Menlo Ventures are expected to sell shares in the deal, turning paper money into cash. Uber has largely restricted the selling of shares until this point.

Uber and SoftBank declined to comment.

If the transaction is completed, Benchmark will drop its lawsuit against former Uber CEO Travis Kalanick.  The suit related to his power to appoint board seats.

Kalanick stepped down in June, following mounting public pressure. Uber had been accused of fostering a company culture that condoned sexism and harassment. Uber had also been facing significant legal battles, including a patent lawsuit with Waymo, the self-driving car division of Google parent, Alphabet.

SoftBank is not the only investor looking to pick up shares in the tender offer. It has been leading a group alongside Dragoneer Investment Group. As we reported last month, other investors looking to buy Uber shares have included Sequoia Capital, Tencent and TPG.

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